home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Mortgage Rate News | Mortgage Market Index | ARM indices | ARM Statistics
Average fixed and ARM rates. Rate forecasts. Quotes on ARM indexes including COFI, MTA, LIBOR & Treasuries. Rate reset studies and reports. Mortgage rate litigation.

Rise in COFI Eases

3.155% November 2008 index

January 2, 2008

By MortgageDaily.com staff

A recent surge in the cost of funds index has eased. The index has been recently impacted by historic government measures and the failure or acquisition of some of its big members.

COFI was 3.155% in November 2008, an announcement Wednesday from the Federal Home Loan Bank of San Francisco said. COFI climbed from 3.125% in October.

The monthly increase of 3 basis points during the latest month significantly eased from a jump of 36 BPS in October and reflected the historic capital-strengthening measures recently undertaken by the U.S. government. The country's banks may see a further decline in their collective cost of funds as the market further digests emergency measures recently implemented by the Department of the Treasury, the Federal Reserve and the Federal Deposit Insurance Corporation.

COFI, which is used as an adjustable-rate mortgage index, was lower that 4.172% in November 2007.

The index was calculated based on interest expenses paid on total funds, deposit accounts, advances and other borrowings by 11th district member institutions headquartered in Arizona, California and Nevada. Average total funds used in COFI's calculation plummeted to $79.3 billion in November from $397.4 billion 12 months earlier.

Movement in the index reflected a restructuring of 11th district membership, including the acquisition of Countrywide Bank FSB by Bank of America Corp., the collapse of IndyMac Bank F.S.B. and the acquisition of Fremont Investment & Loan by CapitalSource Bank -- all which occurred in July. Also impacting the district's costs was the November failure of Downey Savings and Loan Association, F.A.

Another ARM index, the one-year Treasury yield, ended November at 0.90%, down from 1.34% at the end of October and 3.26% on Nov. 30, 2007. On Wednesday, the one-year Treasury yielded 0.37%.

The six-month London Interbank Offered Rate was 2.62% at the end of November, sinking from 3.48% a month earlier and 4.86% a year earlier, according to data reported by Bankrate.com. The yield on LIBOR ended 2008 at 1.78%.

The Mortgage Bankers Association reported that ARMs accounted for 0.8% of overall applications tracked in its Weekly Mortgage Applications Survey for the week ending Dec. 26.

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders